Posts Tagged ‘aviation’

National disaster response plans of governments rarely include references to insurance or make provisions for visual intelligence as part of the operational response toolkit. Recent events reaffirm the value of visual intelligence - particularly when access to sites is restricted - and suggest that a more collaborative approach between emergency services and the insurance industry would enhance public sector response and facilitate community resilience.

As governments and emergency responders focus on search and rescue in the hours and days following catastrophic events, the (re)insurance industry is autonomously responding with visual technologies for loss assessment.

Industry Must More Effectively Harness Potential of Satellite, Drone and Aerial Technologies

Advances in the development of ”visual intelligence” based on multiple data sources including satellite imagery and drone footage have the potential to significantly enhance claims and CAT response processes and underwriting decision making when companies harness that potential effectively, according to Dr. Beverley Adams, Head of CPR (Catastrophe Planning & Response) at Guy Carpenter.

Growth projections for the drone or Unmanned Aerial Systems (UAS) sector are nothing short of phenomenal, as the opportunities and advantages afforded by using this type of machinery in construction, agriculture, energy/utilities, mining, real estate, news media, film production and public safety become increasingly more apparent each passing day. Nevertheless, the potential economic benefits are considered to be vast, expecting to generate an estimated economic benefit of USD82 billion along with 100,000 jobs by 2025 (1). This rapid increase in the number of drones is prompting concerns for:

Guy Carpenter today released a report on the Port of Tianjin Explosions. The report provides initial loss estimates and outlines the many variables involved in assessing the losses emanating from the two massive initial explosions that occurred at Tianjin Port on August 12 of this year.

The Americas accounted for 57 percent of global losses in 2014, compared to 48 percent in 2013, 87 percent in 2012 and 26 percent in 2011. Man-made incidents included the explosion of an unmanned supply rocket in October in Virginia, the October crash of the Virgin Galactic spaceship in California and the Chevron Phillips refinery fire in Texas in July.

Guy Carpenter reports that market pressures at July 1 renewals continued to drive price decreases across virtually all geographies and lines of business, many in the double digit range. As loss activity remained minimal, reinsurers added to surplus capacity and additional capital continued to come into the market via alternative sources.